New LLC for rehab

[lindabrown]

I need to open a new LLC in NJ for flipping properties.
I am buying a home for flipping.I will do partnership with some other investor.
I can do one project with him or many.my concern is should I create one llc for each project and close it on completion or same llc will work for multiple project.
How much such LLC cost like opening cost and annual maintenance/operating cost...Thanks

 

[quincy]

I need to open a new LLC in NJ for flipping properties.
I am buying a home for flipping.I will do partnership with some other investor.
I can do one project with him or many.my concern is should I create one llc for each project and close it on completion or same llc will work for multiple project.
How much such LLC cost like opening cost and annual maintenance/operating cost...Thanks

Read the information provided by your state:
https://www.nj.gov/njbusiness/starting/
What you should do is dependent on several factors that are best personally reviewed with a financial advisor and tax professional in your area. We cannot do personal reviews on this forum.

Good luck.

 

[Taxing Matters]

my concern is should I create one llc for each project and close it on completion or same llc will work for multiple project.

In general, using the same LLC for all the property flipping will work just fine. However, you are going into partnership with another person so you will want to consult a business attorney for advice on setting up the LLC and getting a very good LLC charter and operating agreement drafted for the LLC that outlines all the details of how this arrangement between you will work. If you have a circumstance that you haven't mentioned here where using more than one LLC might be advisable the attorney can tell you what you need and why. There are a lot of other things to consider too, including things you probably haven't thought about yet. I would also recommend you see a tax attorney or other tax professional experienced in partnership taxation for advice, too. There are some specific tax provisions you may need to consider in your operating agreement.

 

[quincy]

The link I provided has several links to resources in New Jersey for a new business owner. It also provides costs involved in setting up a business.

I agree that seeing a business law attorney can be smart, especially if the business will be a partnership.